UPDATE 4-Engineering group ABB's divestment plan receives cool market reception [Reuters]
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Source: Reuters
Engineering group ABB's divestment plan receives cool market reception By John Revill 4 Min Read ZURICH (Reuters) - Engineering group ABB's ABBN.S plan to offload three of its most profitable businesses, announced on Thursday, was met with disappointment by analysts who described the strategy as unambitious. ABB said it was “exploring all options” to exit its turbocharging, mechanical power and power conversion divisions, which have combined annual sales of $1.75 billion, or 6% of group sales. The businesses could collectively be worth in the region of 3-4 billion Swiss francs ($3.3 to 4.4 billion), according to two people familiar with the industry. The Swiss company, whose products range from electric ship motors to factory robots, has been carrying out a review of its operations since Chief Executive Bjorn Rosengren took over in March and said ABB was weighed down by a complex business model. Like other industrial groups, ABB is trying to focus on fewer business areas to imp
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